in this episode of Storage Unlocked, I offer a tribute to Deanie Burns, a beloved leader we lost far too soon . I also dive into the Public Storage Q4 earnings call, breaking down their $1.8 billion in available capital and the strategic shift toward PS 4.0 under incoming leader Tom Boyle . In this episode, I also cover:

• Legal Strategy: I sit down with 40-year veteran Scott Zucker to analyze the $6 million DCWP lawsuit against Extra Space. We discuss the legal right to raise rents versus the growing trend of legislative rate controls .

• Development Realities: Why negative leverage is becoming a permanent challenge for new builds and how developers can navigate an oversupplied market .
• Industry Milestones: Noah Starr (Tract IQ) welcomes a newborn daughter, and the SSA officially adds our Prayer Breakfast to the March schedule in San Antonio .
• Faith in Ops: Jesse Lamb discusses how her faith has been the anchor in her transition from operations at Strat to her new role at NodaFI.

Tune in for the data, the leadership shifts, and the community updates you need to stay ahead in 2026. Connect with Thaddeus Campbell (S3 Partners): [email protected] https://www.linkedin.com/in/itsthadcampbell/ This episode was brought to you by: https://pbbrown.com/

I am your host, Thaddeus Campbell, and in this episode of Storage Unlocked, I dive deep into the multimillion-dollar lawsuit filed by New York City against Extra Space Storage . I analyze the allegations of deceptive pricing and the potential "ripple effect" this could have on how every major operator manages their same-store NOI growth .

In this episode, I also cover:

Operational Consolidation: Why Anytime Storage and The Storage Manager are merging to create a more powerful third-party management platform Data Transparency: Why Tract IQ's new CMBS data is seeing record adoption among developers and acquisitions teams . The Capital Market Forecast: I share competing visions for the 10-year Treasury from Tom Sherlock (Talonvest) and Adam Trosso (Next Century Self Storage) . Faith in the Metroplex: Logan Freeman discusses how he integrates his convictions into his day-to-day business dealings . The Heart of Storage: A heavy-hearted update on Denee Burns and how we can support a beloved member of our industry .

Support Denee's Burns GoFundMe: https://www.gofundme.com/f/help-denee-access-lifesaving-cancer-treatment?attribution_id=sl:ab12ea43-a3ea-47dd-b3ba-6d1e6069e89c&lang=en_US&ts=1770839841&utm_campaign=fp_sharesheet&utm_content=amp17_control&utm_medium=customer&utm_source=copy_link This episode was brought to you by: https://pbbrown.com/ https://s3.partners/ Connect with Thaddeus Campbell: [email protected] https://www.linkedin.com/in/itsthadcampbell

Is New York City still the "Stronghold Market" for big equity?

I am your host, Thaddeus Campbell, and in this episode of Storage Unlocked, I break down the news that StorageMart has acquired a 15-asset NYC portfolio for a reported $1.05 billion . I discuss what this means for the Manhattan Mini Storage brand and why institutional capital is becoming increasingly "picky" about the deals it pursues.

In this episode, I also cover:

A Legend's Perspective: I am joined by Ken Woolley, the founder of Extra Space, who shares how he built a storage empire over five decades and why he isn't waiting for rates to drop back to 2021 levels . Institutional Moves: The details on CubeSmart's $250M joint venture with CBRE and what it signals for management-led growth . The 10-Year Treasury Trap: Why Tom Sherlock and other capital market leaders see 6% to 6.5% interest rates as the long-term norm Youth in Storage: Maggie Bodie and the YLG's mission to bridge the link to the industry's future . Faith & Resilience: Therald Kimball shares his story of faith-driven leadership in the construction sector . Tune in for a deep dive into the high-level transactions and historical perspectives that are shaping the self-storage industry in 2026. Connect with Thaddeus Campbell: https://www.linkedin.com/in/itsthadcampbell [email protected] This episode was brought to you by: S3 Partners https://www.s3.partners Johnson Insurance https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage

Is the storage market finally meeting in the middle?

In this episode of Storage Unlocked, I bring together three of the most prolific brokers in the industry: Nathan Coe, Kevin Bledsoe, and Frank DiSalvo. We pull back the curtain on the "P&Ls most people never see" to tell you exactly where the transaction market is headed in 2026.

In this episode, we cover:

- Why the disconnect between buyers and sellers is finally starting to close, even as cap rates remain compressed against interest rates.

- Why the "overbuilding" in growth markets like Atlanta and Phoenix is pushing smart capital toward the Mid-Atlantic and Northeast.

- Why the industry continues to build at record levels despite saturation and how "barrier-to-entry" topography is the new holy grail.

- Why "putting a number on paper" (even if you're far apart) is the only way to get a deal done in 2026.

Tune in to get the "Alpha Unit" of market data from the brokers living in the trenches every day.

Connect with Thaddeus Campbell (S3 Partners): [email protected] https://www.linkedin.com/in/itsthadcampbell/ Connect with our guests: Frank DeSalvo - [email protected] Kevin Bledsoe - [email protected] Nathan Coe - [email protected] This episode was brought to you by: TractIQ - https://tractiq.com/

I am your host, Thaddeus Campbell, and I am kicking off 2026 with an episode that changes the rules of self-storage forever. I am joined by Noah Starr (CEO of Tract IQ) to unveil a massive data drop: verified, borrower-reported occupancy and financial performance for $40 billion in assets. No more "guessing" achieved rates or NOI margins.

In this episode, I also cover:

• Major Acquisitions: The details behind Janus International's $97.2 million purchase of Kiwi II Construction and why the founders are staying on to lead.

• The Tech Race: Cubby secures a $63 million Series A led by Goldman Sachs—I explain why capital is flooding into AI-native property management.

• Market Tensions: How political pressure on the Federal Reserve is causing a flight to safety and pushing the 10-year Treasury higher.

• The Extra Space Playbook: I caught up with new President Noah Springer in Colorado to talk succession, saturation, and their 12% stock price rally.

• Faith & Business: Terry Campbell of Johnson Insurance joins me to discuss the practical integration of faith in a 30-year storage career.

Tune in for the inaugural episode of the show where we unlock the real numbers behind the deals.

Connect with Thaddeus Campbell:

• S3 Partners: s3.partners

• LinkedIn: linkedin.com/in/itsthadcampbell/

Our Featured Partners:

• Tract IQ: Get verified occupancy data at tractiq.com

• Johnson Insurance: Get a risk assessment at:

  https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage

Self-storage is entering a new era, and so is this podcast.

In this episode, I break down the $97.5 million acquisition of Kiwi II by Janus International and what it means for the future of steel pricing and construction . We also go one-on-one with Noah Springer, the new President of Extra Space, to discuss their aggressive ECRI policies and why market saturation is forcing a "rate-cutting" hand in certain MSAs .

We also cover:

-The REIT Stock Surge: Why 2026 has started with a 12-17% rally for major storage stocks .

-Macro Tensions: The ongoing battle between the White House and the Fed, and why investor sentiment on the 10-year Treasury is currently "shaky" . -AI & The Entrepreneur: Kusiima Boswell (Terrakotta) shares how he integrates his faith into building a game-changing AI dialer for the real estate space . -The Rebrand: I announce the transition of the show to its new name: STORAGE UNLOCKED. Tune in to catch the final "Report" and join us for the debut of Storage Unlocked next week! Connect with Thaddeus Campbell (S3 Partners): [email protected] https://www.linkedin.com/in/itsthadcampbell/ Terrakotta AI https://www.terrakotta.ai/ This episode was brought to you by Tractiq: https://tractiq.com/tssr

In this episode, I recap the NYSSA Investment Forum in New York, where over 350 industry leaders converged to discuss the future of the asset class. We break down the news of Noah Springer's promotion to President of Extra Space and what it signals for the future of the REIT.

We also cover:

The Moody's Outlook: Why we may face a five-year stagnation in home movement and what that means for storage demand Refinancing Distress: The rise of "Bridge-to-Bridge-to-Bridge" loans as 2021/2022 projects struggle to meet pro formas in a high-rate environment. REIT Spending Spree: Public Storage breaks $1 Billion in year-end acquisitions, while SmartStop and U-Haul aggressively expand north of the border. AI Evolution: Jacob Pandel (Notify) discusses why AI is great for data but still miles behind humans when it comes to strategy and sales. Faith in Leadership: Stan Bonilla (Safeguard) shares how his faith impacts his role as a Senior VP in one of the industry's most respected firms. Tune in for the most consequential data from the heart of the industry.

Connect with Thaddeus Campbell (S3 Partners):

https://www.linkedin.com/in/itsthadcampbell/

This episode was brought to you by: QuikStorhttps://quikstor.com/ Tractiq https://tractiq.com/tssr Johnson Insurance https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage

In our final episode of 2025, I break down the headline news: BlackRock has deployed $101.5 million to refinance a self-storage portfolio, signaling that smart money is still bullish on the sector despite interest rate headwinds.

We also discuss:

• The 2026 Rebound: Stan Bonilla (SVP, Safeguard Self Storage) joins us to explain why a thawing housing market in 2026 will drive the absorption necessary to stabilize rates after years of oversupply.

• Supply Data: We dissect the DXD Capital Q3 Report, which confirms a significant slowdown in new deliveries, good news for operators looking to push rates next year.

• Top Growth Markets: We reveal the Top 10 MSAs for self-storage development in 2025, with Atlanta and Phoenix leading the pack.

• Faith in Business: Cody Baker shares a personal look at how his faith guides his decision-making in the capital markets.

Tune in for the data you need to close out the year and prepare for a profitable 2026! Connect with Thaddeus Campbell: Email: [email protected] LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Our Partners: QuikStor: Get a free demo (and waive the $995 onboarding fee!) at https://quikstor.com/ Tract IQ: Visit https://tractiq.com/tssr/ Johnson Insurance: Get a free risk assessment at https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage

In this episode, I break down the end-of-year data revealing a 20% jump in self-storage transaction volume, driven largely by Public Storage's $631 million spending spree. We analyze why cap rates remain stubbornly low (in the 5s) despite high interest rates and what that signals for 2026.

We also cover:

• California Law Alert (SB 709): Going into effect Jan 1, 2026, this law forces operators to disclose rate hike limits and promotional terms in rental agreements. We explain exactly what you need to do to comply.

• REIT Rates: We dissect Skyview Advisors' latest report on "Achieved Rates," contrasting CubeSmart's stability with Extra Space's volatility following their aggressive rate increase strategies.

• The AI Standard: From Public Storage handling 85% of rentals via chatbots to QuikStor's automated management, we discuss why adopting AI is no longer optional for serious operators.

• Hidden NOI: We tease a new opportunity in New York involving Battery Energy Storage Systems (BESS), allowing owners to lease land to support the electrical grid.

Tune in for the regulatory and financial updates you need to start 2026 on the right foot! Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell Our Partners: QuikStor: https://quikstor.com/get-quikstor-demo/ Tract IQ: https://tractiq.com/ Johnson Insurance: https://gojohnsoninsurance.com/self-storage-insurance/?utm_source=s3partners&utm_medium=social&utm_campaign=jisselfstorage

In this special roundtable episode, we are joined by three of the industry's top capital markets experts: Anna Siradze-Herdina (Talinvest), Andy Bratt (Gantry), and Cody Baker (Baker Capital Partners).

We pull back the curtain on what lenders are really thinking as we close out 2025.

We cover:

• The "Extension" Problem: Why lenders are done extending loans for stalled lease-up projects and what that means for borrowers stuck at 50-60% occupancy.
• Interest Rate Myths: The panel debunks the idea that Fed cuts equal immediate mortgage rate drops. We discuss why borrowers are moving to 7-10 year fixed debt instead of waiting for a market miracle.
• Construction Debt: Why banks have resurged as the primary source for construction loans, while life companies stick to permanent debt.
• Underwriting 2026: The #1 advice from our panel: Stop fluffing your pro forma. Lenders are scrutinizing rental rate assumptions more than ever, you need data to back up your story.

Tune in for a masterclass on how to get your self-storage deal funded in the new year. Connect with Our Guests: Anna Siradze-Herdina (Talinvest): [email protected] Andy Bratt (Gantry): [email protected]Cody Baker (Baker Capital): [email protected] Connect with Thaddeus Campbell:LinkedIn: / itsthadcampbell

Our Title Sponsor: QuikStor: Go to https://quikstor.com/ for a free demo!